Steadily rising oil means jumps in prices in Dominican Republic

Santo Domingo.- Steadily rising oil will likely mean jumps in prices in Dominican Republic, as the last three weeks have shown.

The prices of highly consumed fuels have jumped as much as 13% between July 2012 and 2013, with a 22.16% increase on oil at yesterday’s close.

The Industry and Commerce Ministry listed the price of premium gasoline at RD$228.90 per gallon one year ago, while at the start of this week it cost RD$31.10 more to RD$260.00, or a 13.6% jump.

Also posting jumps were regular gasoline meanwhile, or 14.42% higher and propane gas, of 11.97%.

A climate a possible price instability concern economists, who predict substantial increases if the monetary authorities fail to halt the rise in the dollar rate.

The government’s and the Central Bank’s recent economic jolts, through increased government spending and lowering interest rates have spurred Dominicans to demand more dollars, which at the end of 2012 cost RD$40.423, compared with RD$41.959 yesterday.